Can the grid based on the block chain change the energy market?


nnnWalking Comments: Block chain technology is considered to be able to solve any industry problems, including the energy industry. However, the energy consumption of the block chain mining is very large, so the use of block chain technology to transform the energy industry, was some doubts. However, the Australian venture capital company Power Ledger with a mechanism to prove the replacement of the work of proof, you can avoid the problem of mining power consumption. Choose a better block version to achieve point-to-point microgrid transactions.n
nnTranslation: Annie_Xun
nBlock chain hype is heating up, it is not wrong with the digital books, so that the development of encrypted currency such as Bitcoin from the bank or government support, can support everything, the supply chain, timely payment after delivery, etc. can not be tampered with On the smart contract.n
nBut technical utopianism predicts that the system ignores a key detail. The massive data processing required by the block chain consumes a lot of power, and the popularization of technology will drag the global energy market into the abyss and change the global carbon budget.n
nFor example, a single bit of special currency transactions consume electricity equivalent to 1.57 US households a day of electricity, about the traditional credit card to pay 5,000 times the power. Will you choose cash, credit card also pay, or global power outage?n
nThe power sector needs to significantly increase capacity, reduce emissions, lay the foundation of the smart contract era, and some industry participants believe that block chains can provide answers.n
nSuch as the top ten utility companies to join the Energy Web Foundation, to explore and develop block-chain energy solutions, and small companies such as LO3 Energy, a US start-up company, launched a chain-based green energy microgrid in Brooklyn Then
nSimilar to the LO3 Energy project, the Australian company Power Ledger has developed a point-to-point energy trading model in which utility companies use block chains in the same way as Bitcoin traders avoid banks.n
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nDavid Martinn
nPower Ledger executive director David Martin explained that roof solar energy generation households must be sold at low prices to grid operators.n
nn”Imagine you planted a lot of tomatoes, but you can not use it to exchange pumpkin with neighbors, but must go to the market to sell, and then where to buy what they need.Currently the energy market is like this, we want to change it.”n
nnHis company tried to develop a system that would allow people to sell solar power directly to other homes at prices higher than the utility companies.n
nMaking roof solar energy more affordable and maximizing power usage, Martin hopes that point-to-point energy trading based on block chains can reduce carbon emissions while increasing energy capacity.n
nIn January, his company completed a virtual test in western Australia, summed up the experience in Auckland, New Zealand to carry out the actual test. The start of the test in December will gradually expand to 500 consumers of green energy real-time trading network.n
nBut does the block that supports the entire system consume a lot of power?n
nMartin has denied that energy consumption has been avoided by using a block-chain version that is more efficient than Bitcoin.n
nAlthough the block chain relies on the proof of effort, Power Ledger uses proof of equity. The former consumes a lot of power because it needs to solve the ever-complicated mathematical calculations, but the proof of interest is based on pseudo-random functions.n
nn”It uses a small part of the traditional block chain of electricity, which is an ideal choice for energy.”n
nnThe main critics of block chain energy consumption also support this program. Michel Berne, director of economics at the Paris Institute of Telecommunications, has severely criticized the carbon footprint of the chain chain, but he argues that equity is at least an energy market solution.n
nn”Yes, I believe that equity claims that block-chain applications can compete with other non-block chain energy trading solutions.”n
n”Point-to-point energy transactions are new and difficult to manage, but block-chain solutions may be useful.”n
nnBut he is not sure whether the proof of ownership is better than any industry’s work certificate, because he is not sure whether it provides the same block chain security.n
nEnergy efficiency is not the only obstacle to the block chain power network.n
nThe Dutch point-to-point energy trading network PowerPeers uses its existing infrastructure and smart telegraph data to run its systems.n
nCo-founder Michiel Ooms said the company was looking for ways to integrate the chain of chains, but faced some hindrance.n
nn”The biggest challenge we are currently facing is the handling of privacy-sensitive data.”n
n”Block chains bring transparency, including data exchange. While our goal is to make the energy market more transparent, sharing privacy-sensitive data (such as consumption, location, financial transactions) may not be in line with the 2018 EU GDPR (GM Data protection regulations.) Therefore, if they want everyone to participate in the future energy vision, legislators still have a lot of work to do. “n
nnIn Australia, Power Ledger also predicted the need to modify regulations to pave the way for block chains or any point-to-point energy trading.n
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